Shares of Hertz Global Holdings fell more than 30% after the car-rental company said its second-quarter earnings are tracking toward the low end of its guidance range.

Hertz said it expects adjusted corporate earnings before interest, taxes, depreciation and amortization of $50 million to $80 million for the quarter, within its previously projected range but toward the lower end of its guidance. The company attributed the weaker outlook to worse-than-expected demand in the used-car market. The company also announced plans for a $100 million public stock offering.